Market strong as buyers back bricks and mortar

Australians continue to support housing markets as home loans just keep rising.

Latest ABS data reaffirms this year’s rising buyer activity and increased confidence in Australia’s robust and resilient housing markets.

The April data revealed that 118,975 loans have been approved for the purchase of owner-occupied homes over the first four months of this year.

This number is 8.3 per cent higher than that approved over the same period a year ago, 12.6 per cent higher than two years ago in 2011 and even 0.5 per cent higher than the number of loans approved for home purchases over the first four months of 2010 during the then housing market boom.

Investment housing loan increases are even more pronounced with this year’s values up by 18.3 per cent compared to the same period last year, 25.7 per cent compared to 2011 and 10.7 percent higher than 2010.

Loans approved so far this year for owner-occupiers are higher in every state compared to the same period a year ago. NSW is up 4 per cent, Victoria up 9 per cent, Queensland up 3.6 and Western Australia up an impressive 21 per cent over the same period in 2012.

The ABS monthly trend data for April for owner-occupier loans is also recording positive growth for all states except the Northern Territory.

Housing markets have certainly generally strengthened in 2013 as indicated by rising home loans, auction clearance rates and house prices.

The clear expectation is that buyer activity will continue to rise driven by record low interest rates and rising confidence in most markets.

Dr Andrew Wilson is the Senior Economist for Australian Property Monitors

Twitter @DocAndrewWilson

The original release of this article first appeared on the website of Hangzhou Night Net.

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